Travers Smith LLP has advised Ancala Partners LLP ("Ancala") on the acquisition of a 50% interest in Dragon LNG Group Limited ("Dragon LNG") from PETRONAS LNG Sdn. Bhd., a subsidiary of Petroliam Nasional Berhad ("Petronas").
Dragon LNG is one of three LNG regasification terminals in the UK. The terminal has a gas send out rate to the UK’s National Transmission System of up to nine billion cubic metres per annum, providing clean and reliable energy for millions of commercial and residential UK users. Facilities at the terminal were recently enhanced through commissioning of a reliquification plant.
Petronas will continue to be a customer of Dragon LNG as a counterparty to a long-term throughput agreement with the terminal.
Ancala is an established infrastructure investment manager holding investments in a number of infrastructure assets including, Portsmouth Water, the SAGE and Beryl North Sea gas pipelines and Leep Utilities.